Politics & Current Events
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
***Mer*** possibly good mortgage news
I know you've been stuck underwater and unable to refinance like I have been. I just heard about this on the news and I think it may work for us, though it looks like it'll take years to implement-yay.
http://nationalmortgagesettlement.com/
Re: ***Mer*** possibly good mortgage news
Ooooh thanks for sharing this!
Nevermind. We don't qualify. Yay for that!
This is why we don't qualify too. Yay for being screwed again!
More and more we're considering walking away. We don't even want to live here and being upside down with a high rate doesn't make paying that mortgage any easier. I just can't get over the ethical vs. business hump though.
We did HARP 1.0 3 years ago. Obviously, had we known 2.0 was coming we would have done that. Hindsight is 20/20 and we aren't walking away or anything.
I think we have decided just to keep paying down the mortgage and hope rates are still this low in a a year or so.
My loan isn't owned by Freddie or Fannie, it's owned by Ginnie, apparently their usesless cousin.
Choco - I haven't been able to qualify under HARP 2.0 because my loan wasn't backed by fannie or freddie and its still held by a small, local bank. I thought I was so smart going with a small, local bank but the thing that sucks is that they won't do anything to help me.
I have been told by them since it is a rental property that I need 20-30% equity.
I actually was able to pay off the HEL/2nd mortgage on the property, but the main loan is still underwater by maybe 20K now.
I have also been told by the loan officers that due to condo financing rules (ie, percentage occupied by commercial units and percentage occupied by renters) there could be some problems in a refi if the refi is to be backed by fannie/freddie.
Was your co-op fannie/freddie backed?
Trains Across America
Would you like to buy my condo in Salem?